The new pump, high pressure hose, return hose and belt did fix the loud noise, so I believe that the pump was on it's last leg. But... upon further inspection, there were cracks in the boots on the Rack itself and after pulling them apart, I noticed that the teeth on the rack were rusty and in quite a mess. I think that the rack is binding up a little bit, which puts extra strain on the system, which started to make the pump (LUK 30) start to scream for help. I've ordered a rack from the rackdoctor and also ordered new tie rod ends. I'll be replacing the rack and tie rod ends this weekend so I should have a pretty new steering system from pump to rack!
I'll report back on how it goes.
Looking back on my experience, I should have looked at the rack itself more closely to begin with because I believe all of my problems started with cracked boots on the rack, causing it to bind a bit and put extra strain on the pump.